Fingers have been trying to locate who is responsible for the current slump of Bitcoin prices. The situation has been so worse that crypto cowards have withdrawn from the space. Only those with a solid crypto heart like Chinese crypto miners and institutional cryptocurrency investors have been left patrolling the scene.
However,the braveness of Chinese crypto miners has brought some negative effects on the market. According to a post published on a Bitmain-affiliated website, Chinese crypto miners are to blame for the fall of Bitcoin prices.
For Jin Xin, one of the Chinese crypto miners, short-selling is the current trend in the market. Xin admits that although they do it for ‘self-defense’ they are aware that it “will lead to a further decline in cryptocurrency price – without short selling, we will be eliminated ultimately”
Xin continued to give an example saying:
“If I mine 30 coins in the next month, while its price may continue to fall by another 10% according to the current trend, I shall place a short sell order on the exchange to sell them at the current price but deliver one month later.”
The Chinese crypto miners are evading losing the value of their mined coins by locking in a specific price for their coins. The Chinese crypto miners are shifting from hodling which was a preferred method some four or five years back when the cost of mining Bitcoin was considerably low.
Trustnodes reported that those engaging in short selling activities are running towards bankruptcy since “the wheel will most probably revolve with the smarter ones rising to take place of the more stupid ones.” Trustnodes depicts the smarter ones as those who have reserves which they will utilize to ‘weather’ the current storm.
Do you think the Chinese crypto miners are intentionally trying to bring the market down?
Let us know your thoughts in the comments section below.
